Information management and technology assurance

  For news from the AICPA and state societies, visit www.cpa2biz.com , which also offers online CPE, AICPA professional literature, practice management aids and links to state society Web sites. FASB issues Statement no. 144, Accounting for the Impairment or Disposal of Long-Lived Assets, which replaces no. 121—an earlier pronouncement

To help airlines and insurers quickly raise essential capital in the wake of the September 11 terrorist attacks, the SEC simplifies its securities registration process and sets up special telephone (202-942-2816) and e-mail ( cfhotline@sec.gov ) response systems to answer registrants’ financing and disclosure questions. ( www.sec.gov/news/press/2001-107.txt ) The SEC

Federal Trade Commission Chairman Timothy J. Muris pledges to substantially boost resources for protecting consumer privacy in all commercial venues, including the Internet. The FTC’s enforcement plan calls for a national “do-not-call” list of telemarketing prospects, improved handling of consumers’ privacy-related complaints, enforcement of current limitations on telemarketers’ sales practices

A new survey by Financial Executives International and the Computer Sciences Corporation says that, as a result of the economic slowdown, companies are reevaluating and scaling back their e-commerce technology projects, outsourcing more information technology services and spending less on discretionary IT projects. ( www.fei.org/download/2001-FEI-CSC-Survey.pdf )

The U.S. Department of Health and Human Services (HHS) plans to consolidate the 53 different accounting systems it uses to track the nearly one billion Medicare claims it pays each year. HHS says that by 2010 the project will have reduced costs by approximately $1.2 billion. ( www.hhs.gov/news/press/2001pres/20010927.html )

Phased-in retirement plans—in which, for example, employees receive a portion of their pension benefits while earning a salary—are attracting attention as skilled labor shortages persist and many older employees work past normal retirement age to supplement their inadequate savings. A new report from the Employee Benefit Research Institute says educational

Two advisories from FASB will help entities implement new rules. One defines the “reporting unit” of an enterprise as a key element in testing for goodwill impairment resulting from an acquisition. A second release clarifies certain provisions for making the transition to two new standards—FASB Statement nos. 141, Business Combinations,

BDO Seidman LLP sues the AICPA, its Web portal and a group representing state societies participating in a related business venture with the Institute. The suit alleges the CPA2Biz portal unfairly competes against BDO Seidman and other firms providing online consulting and assorted services similar to those CPA2Biz offers. According

The SEC and state regulators launch the Investment Adviser Public Disclosure Web site, which offers investors free access to registration documents from more than 9,000 investment advisers. ( www.adviserinfo.sec.gov ) To better assist those representing clients in the Social Security Administration’s hearings and appeals process, SSA introduces a Web site

The European Federation of Accountants (FEE) advises its member states to permit groups of companies to file consolidated tax returns—a practice currently not allowed in certain European nations. The FEE says it is essential that all member states endorse its proposal so none will have an unfair competitive advantage over